Julius Baer said it is hiring a prominent HSBC executive to run its business in Monaco – 18 months after it poached another high-level private banker from Credit Suisse for the same job.
Alain Ucari was brought in 18 months ago from Credit Suisse in a management shakeup which saw the then-head of Monaco relegated to an advisory role at Julius Baer.
On Monday, Baer said it is now promoting Ucari to chairman in Monaco, tasked with improving the bank's governance and with bolstering ultra-high net worth business.
HSBC Defection
Ucari will be replaced in the role by Albert Henriques, who joins the Zurich-based private bank from HSBC, where he had been head of Monaco since 2008.
«I am very pleased to further reinforce the management team by welcoming Albert, who brings along an impressive track record and a vast experience and network,» Remy Bersier, Baer's region head for southern Europe, the Middle East and Africa, said in a statement.
Henriques, who will report to both Ucari and to Bersier, is the second prominent hire in short order for Baer.
